Exchequer returns – November 2022

Commenting on today’s Exchequer Tax Receipts for November, Tom Woods, Head of Tax at KPMG, says, “Total Corporation Tax receipts of €21 billion to November represent the highest corporation tax yields ever recorded, breaking the record set last year when €15.3 billion was collected. With another month to go, tax receipts for the year to date are already 24.5% up on 2021. The Department of Finance estimates CT receipts of a similar amount in 2023, despite the economic headwinds. Despite this stellar performance, it’s as important as ever for Ireland to remain competitive as a location for business and employment.

Income tax receipts for the year to date are €28.3 billion, a 16% increase from last year, reflecting a significant increase in employment and wages. November’s receipts include income tax payments from the self-employed and the returns indicate a robust performance from this cohort of the economy.

Despite the domestic economy contracting in the third quarter, VAT receipts for the year to date have increased by 21% on last year to €18.5 billion.